I am the Scientific Director of the Leibniz Institute for Financial Research SAFE and a Professor of Finance at Goethe University Frankfurt. Before joining SAFE, I headed the Financial Markets Research Section at the European Central Bank.
My research is on financial intermediation, and in particular on the role of banks in the transmission of monetary policy. I also work on market design and on capital structure. Most of my work combines theory with evidence from bank-level and credit-register data.
At SAFE I am responsible for the institute’s research and for its policy work on European banking and capital markets.
Recent
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A theory of bank liquidity requirements, with Charles Calomiris, Madalen Castells Jauregui and Marie Hoerova, is out as ECB Working Paper 3252.
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Europe’s missing safe asset, with Tatiana Farina, is out in The Economists’ Voice.
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Completing Capital Markets Union and Banking Union in the digital age, with Loriana Pelizzon and Claudia Schaffranka, commissioned by the CEPR Europe 2050 initiative.
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Best Master’s course (small groups) at the Faculty of Economics and Business Administration, Goethe University, for Topics in Financial Intermediation.